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The Total Repayable Cost Of A Degree Laid Bare


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... my small student loan from a few years ago will need to be repaid even if I earned as little as 6,000 pounds/ month in the UK.

I trust you mean £6K/annum.

Whole thing is a farce. Students should apply to study in France, Netherlands, and Germany where fees are low and standards are high. Many courses are taught in English, but it would help your foreign language skills and employability studying abroad. Even with a few budget flights home the total cost of a three year degree would probably not exceed £20K, £1K/annum fees + £4K/annum living costs. Living costs are often cheaper than UK anyway, especially rent. Also in France you can get wine for €1 a bottle, one of the main parts of student expenditure from what I remember.

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I trust you mean £6K/annum.

Yes sorry. Dear oh dear it seems to be a lot worse than I anticipated. If you move abroad you are given a lower payback threshold AND you have to pay back more per month than people who stay in Britain so you get doubly screwed. The payment threshold for China is 6000 pounds but seeing as they don't have a clue how much money I earn here they can't claim their money.

They seem to be using 'tracing agents' to find out how much money people are earning in foreign countries, is it just me or are the SLC and tv licensing authority/ BBC suspiciously alike? Both seem to think they are above the law/ government themselves. These tracing agents are probably not acting within the law, most likely they are just finding a contact number for the student then tricking them into divulging their salary over a recorded phone call.

Check this out - http://www.telegraph.co.uk/finance/personalfinance/borrowing/8381263/Why-your-student-loan-could-cost-you-350-a-month-more.html

As long as I don't move significant amounts of money through my British account I'll be fine. I'm sure it would be easy to setup a second offshore bank account too, then they can get ****ed.

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Reading this thread, two points come to mind -

UK employers consider work experience as well as qualifications. This is less true than other places in Europe and especially Asia, where qualifications still translate directly into the type of jobs people can get (which is why Asians are so big on education). Here in the UK, my brother has risen into a management role without much more than a couple of GCSEs - there are a good many countries where he could never get that far. As the world becomes more globalised and people from this country can look overseas for employment, it may be vital to have a degree. When I worked in Tokyo, the English teachers had to have a degree to get a working visa. That could be in an unrelated subject such as Fine Art, but you had to have a degree.

I'm also wondering if each generation faces some sort of financial hurdle in life. The Boomers got free education and cheap housing, but are being hit on the pension front. The Xers got free education and a better pension outlook, but are being hit on the housing front. The next generation (Y?) will probably be fine with pension provision, will hopefully face lower housing costs but will be hit by education fees. This is a very genreic theory and I expect others more intelligent than I to shread it...

Quite right, can't speak for Asia but in Europe and in particular in France, where i studied matters a lot more than the experience you have acquired in work. I am fortunate to have a degree from a French school than allow me to go and do pretty much anything I like in France, but in the UK no one has ever paid much attention to it, it is instead my experience that matters (and fortunately that isn't bad either). Bottom line is that in the UK you are given the chance to prove your worth in employment (regardless of qualification) more than in Europe, so if you are good you will succeed, with or without a degree... Graduating reflects your ability rather than your knowledge, knowledge comes from work experience, not really education, I therefore find the french system pretty poor and unfair and tend to prefer the english system, so long people continue to be given the opportunity to show their worth in the future, with or without degrees.

Edited by frenchy
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The UK is sh*t.

We've managed to create a society where (working) people have to pay for everything (the 'low public services ' of low tax/low public services US model) and combine it with high taxes (high tax/high service model of Sweden).

Putting the load on the individual is OK (not perfect but acceptable) if you have a low-tax take - say 30%ish.

How the f**k can justify the state taking 50% of GDP and serve up the public sector dross in the UK?

It's like paying Gorndon Ramsay prices for MaccyDs.

This is exactly how it works in some Club Med countries. Pay large amounts of taxes and get public services that are so bad that a whole parallel private system exists and everyone has to pay twice.

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It won't happen but maybe the FSA :lol::lol::lol: should insist on the small print of long term loans (student loans and mortgages) some indicative figures of the total amount likely to be payable over the lifetime of the loan as set percentages. Repeated in annual statements. They do a similar thing with endowment shortfalls :blink::blink: - another successful financial innovation.

People need to be educated regarding the debt they are being asked to take on and the real financial outlay and loan value.

Of course, living in a kleptocracy in an economy dependent upon debt being evasive about such things is probably welcomed.

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